Meen Co. owns the large, two-story home in which his mother lives. It is situated in a neighborhood adjacent to a large university. Meen Co. purchased the property several years ago for $60,000. The property has recently been rezoned to permit apartment buildings. Meen Co. owns 60% of the Gainsburg Student Living Co., and the remainder is owned by a local city commissioner. Meen Co. sells the personal residence, subject to a first mortgage of $40,000, to the Gainsburg Student Living Co. for $30,000 cash and a promissory note secured by a second mortgage for $30,000. The Gainsburg Student Living Co. will rent the rooms in the building to students. How is the gain taxed to Meen Co.